Frequently Asked Questions - Contracts & Offers

1. If an offer is accepted on the phone, is it a contract?
2. Should offers be changed by the listing agent when essentials are left out of the offer by a selling agent?
3. Do I always have to obtain earnest money?

Q. If an offer is accepted on the phone, is it a contract?

A. No.

Q. Should offers be changed by the listing agent when essentials are left out of the offer by a selling agent?

A. The listing agent should explain to the seller what essential items appear to be left out of the offer and advise the seller to make a counter offer with those items included. See License Law 43-40-25.1

Q. Do I always have to obtain earnest money?

A. While earnest money is not essential to create a binding contract, it is generally desirable to show the purchaser's good faith. Whether to obtain earnest money and in what amount is a policy decision that your broker should make as influenced by the seller's desires.